Public Markets 24-Hour Briefing
×Last updated: October 23, 2026, 4:40 AM ET
Global Markets & Tech Selloff
Global equities came under pressure as an AI-driven tech rout rippled through Asia, leaving South Korean shares trading at roughly half the valuation of Indonesia. The Nasdaq tumbled as Meta reignited concerns about its AI spending, with the social media group's market value sinking by $124bn. Hedge funds logged their widest daily drawdown since the Covid pandemic, while China's AI model stocks shed $150 billion with no sign of easing. Japanese government bonds rallied on haven demand, and the yen hit a one-year high against the euro. The Nikkei fell 2.2%, dragged by chip and bank stocks, while copper headed for a weekly loss.
Fixed Income & France
French bond stress intensified, with spreads widening to a 15-year high as foreign investors reportedly looked for the exit. The 10-year U.S. Treasury yield fell back under 5% as the flight to safety gathered pace. Europe's exposure to elevated US bond yields is straining its economy, and DoubleLine's Jeff Sherman remains bearish on long-term Treasuries. Traders' cost of hedging against further Treasury gains surged to its highest level in some time.
Energy & Commodities
Oil rose with front-month Brent reaching a more-than-five-month high as Middle East tensions escalated, though futures pared gains in one Asian session on a technical correction. Qatar agreed to buy US LNG through 2054 as the war upends supply. Silver futures settled down 4.6% to their lowest this year, while gold dipped below $4,000 an ounce. Palm oil is attracting Indian buyers as a glut widens its price gap to rivals, and German gas use hit a nine-month high as cold weather boosted power demand.
Corporate Earnings
Eni is raising shareholder payouts as high fuel prices bolster cash flow. Volvo's profit rose on truck demand in North America and Europe, though Volvo Car will cut 2,500 jobs. Moderna shares sank after leaked melanoma vaccine data fell short of expectations. Blackstone's profit dropped 9.2% as higher rates curbed dealmaking. Zip shares roughly halved after the company flagged costs tied to a US fraud event. Western Digital grew profit on data storage demand, and L'Oreal expects a profit rise this year. American Airlines forecast another quarterly loss on surging fuel costs. Kering's sales dipped 1%, and Hermes saw sales growth lose pace, sending its stock down more than 6%.
Policy & Geopolitics
Iran threatened wider strikes on economic and civilian targets if the US attacks, while US officials prepared for a protracted stalemate. The Treasury proposed tighter rules on investing in sensitive Chinese tech. Trump must sit for a deposition in the $10bn BBC defamation suit by December 11. Ebola has reached its widest expansion ever across Africa.
Coming Up
Trump must appear for BBC questioning by December 11. Midterm elections are less than a month away, with Wall Street bracing for their market impact.